Property Insurance
Property Insurance in Canada
Property insurance protects the place you live or own and the belongings inside it. Coverage, limits and endorsements vary by property type and insurer, so it is worth reviewing your policy with a broker who can compare options across the market.
- Bundle with auto for extra savings
- Sewer backup & overland water
- Guaranteed replacement cost
- Vacation & rental properties
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Coverage
What this can include
A property insurance policy can be built from several coverage parts. Your broker will explain what is required, what is optional and what makes sense for your situation.
Homeowners
Coverage for the building, attached structures, contents and personal liability.
Condo unit owners
Coverage for improvements, contents, personal liability and certain assessments from your condo corporation.
Tenant insurance
Coverage for your belongings, additional living expenses and personal liability while renting.
Rental property
Coverage for landlords of single units or small portfolios, including rental income protection.
Seasonal property
Coverage for cottages, secondary homes and seasonally occupied buildings.
Personal valuables
Scheduled coverage for jewellery, fine art, collections and other higher value items.
Water and sewer backup
Optional protection for overland water, sewer backup and other water related events, where available.
Replacement cost options
Settlement options that aim to repair or rebuild without depreciation, subject to policy terms.
Who this is for
- First time buyers and longtime homeowners
- Condo unit owners reviewing their personal policy alongside the condo corporation policy
- Renters who want to protect belongings and liability
- Landlords with single or multiple rental properties
- Cottage and seasonal property owners
How BrokerUnion helps
- Review your property, contents and exposures
- Explain what your policy covers and what it excludes
- Compare quotes and coverage options from multiple carriers
- Suggest endorsements such as water, equipment breakdown and scheduled valuables
- Assist you through claims with a dedicated advocate
FAQ
Common questions about property insurance
Is property insurance mandatory in Canada?
It is not required by provincial law, but lenders typically require it on mortgaged properties and condo corporations often require unit owner coverage.
What is the difference between replacement cost and actual cash value?
Replacement cost settlements aim to repair or replace without depreciation, while actual cash value settlements deduct for age and wear. Terms vary by policy.
Do I need separate coverage for water damage?
Many policies offer optional sewer backup and overland water endorsements. Availability and limits vary by location and insurer.
Should I insure my belongings separately if they are high value?
Items such as jewellery, art or collections may exceed standard limits. A scheduled endorsement can provide broader coverage.
Coverage and eligibility vary by insurer and property. Always refer to your policy wording for exact terms.
Ready to talk property insurance?
A licensed RIBO broker will review your situation and walk you through the options. No pressure, no jargon.